Massive Fees Charged in FTX Bankruptcy Case

03/07/2023 06:59 • AI & Tech Insights • 65 views

On March 7, the court records showed that the professionals handling the FTX bankruptcy case charged a total of $38 million in January, of which Sullivan&Cromwell’s fees in January were $16.8 million and Alvarez&Marsal’s fees in January were $12.3 million. Three law firms, including Sullivan&Cromwell, have more than 180 lawyers in charge of the case and more than 50 non-lawyers (such as paralegals). （Coindesk）

The law firms and special consultants handling the FTX bankruptcy case collected a total of $38 million in January

Interpretation of the news:

The recent increasing interest in cryptocurrency has brought forth financial growth and high returns across the globe. However, it has also resulted in institutional and regulatory concerns, which have led to lawsuits and bankruptcies. The FTX bankruptcy case is an example of the latter.

On March 7, it was revealed in the court records that professionals handling the FTX bankruptcy case charged a total of $38 million in January alone. Three law firms are in charge of the case, including Sullivan& Cromwell with fees amounting to $16.8 million, and Alvarez& Marsal charging $12.3 million.

It comes as no surprise that legal fees in bankruptcy cases are high, primarily due to the complexity and scope of such cases. Still, the staggering amount of money in this case has raised eyebrows. This amount can be attributed to the larger-than-usual team of professionals handling the case—more than 180 lawyers and over 50 non-lawyers such as paralegals.

The FTX bankruptcy case involves SushiSwap, a decentralized finance protocol, as part of its bankruptcy proceedings. FTX has been involved in the SushiSwap drama over the past year, and its participation in a series of maneuvers came under scrutiny, further complicating the bankruptcy case.

The FTX case has proven to be a legal marathon, with the case dragging on for months as the professional teams and individuals work towards finding a settlement. It has become one of the most costly bankruptcies in history and has been the subject of public scrutiny.

In conclusion, the FTX bankruptcy case is a reminder of the complexity and costliness associated with legal proceedings in the cryptocurrency world. The SushiSwap saga and FTX’s participation in it have further complicated the case, necessitating a large team of professionals to tackle the legalities. The fees charged in this case are staggering and an indication of the amount of effort required to navigate the complexities surrounding the case.

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Massive Fees Charged in FTX Bankruptcy Case

The law firms and special consultants handling the FTX bankruptcy case collected a total of $38 million in January

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